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TMI Blog2022 (1) TMI 768X X X X Extracts X X X X X X X X Extracts X X X X ..... ndment Application seeking modification in the prayers in IA/199/CHE/2021 and the same is hereby allowed. The Liquidator is permitted to sell the assets of the Corporate Debtor as a going concern to the Respondent as per Regulation 32A of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016. The Liquidation period in respect of the Corporate Debtor is extended for a period of 6 months from the date of this order - Application disposed off. - IA/199/CHE/2021 in CP/341/IB/2018, IA/523/CHE/2021 in CP/341/IB/2018, IA/463/CHE/2021 in IA/199/CHE/2021 in CP/341/IB/2018 - - - Dated:- 3-1-2022 - Sucharitha R., Member (J) And Sameer Kakar, Member (T) For the Appellant : S. Sathiyanarayanan, Advocate For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the property u/s. 52(1)(a) of the IBC 2016. 5. The Learned Counsel for the Liquidator submitted that one Mr. Jeganeedhi Krishnan R., the Respondent herein evinced interest and approached the Liquidator with an intention to revive and rehabilitate the Company in Liquidation. The Learned Counsel for the Liquidator submitted that the rational for selling the Corporate Debtor as a going concern is as below; A. The Corporate Debtor will continue to operate as a going concern and will facilitate better utilization of the existing business and human resources. B. Unlock the value of the Assets enabling and facilitating maximization of its true value. C. Dues to the financial creditors would be settled enabling the rehabilitation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s envisaged in the plan. c. The Applicant states that plan provided that the CIRP Costs and liquidation cost as determined in accordance with the provisions of the Code shall be paid in full and in priority upon the approval of the plan. 7. The Learned Counsel for the Liquidator states that the Company in Liquidation has sole Secured Financial Creditor. The amount claimed and admitted with respect to the Financial Creditors is as provided below: 8. The Learned Counsel for the Liquidator submitted that the Company in Liquidation has one Operational Creditor. The amount claimed and admitted with respect to the Operational Creditor is as provided below: 9. The Learned Counsel for the Liquidator submitted that the Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the Secured Financial Creditor Meeting (Erstwhile CoC) at its meeting held on 06.01.2021 has in-principally approved the proposal/resolution plan of the Respondent and has authorized the Applicant-Liquidator to make an Application under Reg. 32A of IBBI (Liquidation Process] Regulations, 2016 to this Hon'ble Tribunal to seek necessary approval for the sale of Corporate Debtor as a going concern. Since the interests of all the stakeholders have been taken care of and the Secured Financial Creditor (Erstwhile CoC) has also approved, it was submitted that this Tribunal may be pleased to pass necessary orders for sale of the corporate debtor as going concern. 14. Learned Liquidator has filed Additional Affidavit before this Tribunal o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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